Author Question: The term value added is used to describe: a. the increase in the value of a product that occurs at ... (Read 59 times)

nummyann · **on:** Jun 30, 2018

The term value added is used to describe:
a. the increase in the value of a product that occurs at each stage of production.
b. the amount subtracted from the value of goods because of inflation.
c. the total value of all intermediate goods used in the production of the final good.
d. the amount paid in the final sale of a product or service.
e. the amount subtracted from the value of resources because of depreciation.

Question 2

To avoid double counting in the calculation of GDP,
a. net exports should be excluded.
b. the value of intermediate goods and services should be excluded.
c. the capital consumption allowance should be excluded.
d. business investment should be excluded.
e. government purchases should be excluded.